5 Ways the Foreclosure of Your Philadelphia House Will Impact You

Losing the home you have mortgaged to your lender is a terrible thing for any homeowner to go through. It can happen from death, or unexpected income loss in your family; there are many possible reasons this happens. The good news that before things come down to foreclosure, which means you lose all rights as owner of the property and it becomes someone else’s problem? This usually doesn’t happen until after multiple notifications AND chances at taking some action with them about making payments on time–so take care not let matters get so bad!

As you’ve seen your financial situation worsen, and the consequences of not paying on time pile up until they become too much to handle; it’s easy for fear to set in. It is natural as we are always our own worst critics when things go wrong–even if sometimes that has a negative effect on us. But there is hope! We have all faced struggles before, even those who felt like everything seemed impossible at one point or another but still survived and thrived through what life threw their way because of how strong-minded they were able to be during such difficult times. You can do this also by staying calm throughout these trying times with an open mind about where it could take you in the future after getting back onto stable ground again. 

Credit

One of the most stressful things about being in debt is that you are constantly worrying. You worry how to pay off your bills, if or when interest rates will go up and what disasters could happen next. But it doesn’t stop there; even after a foreclosure has been paid for , lenders hesitate to deal with people who have had foreclosures on their record before- these financial penalties will continue long enough as long as your credit score can be seen by potential employers or landlords (a total of 7 years). When they review this information, an old foreclosure from Philadelphia involving renting/buying property impacts you either facing extremely high interest rates or flat out denial of credit which means life becomes more difficult due to lack thereof available resources!

Fees and Deficiency Payments

The financial blows from the court fees and any deficiency from the foreclosure of your Philadelphia house will continue to linger until the debt is satisfied. When you go through the foreclosure process in court, you are responsible for paying court fees. Additionally, you will still owe the difference between the amount realized for your property and any remaining debt to a mortgage lender. This is known as an ‘underwater loan.’

Equity

It is only when you are in a dire situation that the harsh realities of foreclosure can become clear. When your home has been foreclosed on, lenders will likely accept lower appraisals and bids for it at auction than they would if you were selling it to them with all of its equity intact-in addition to any penalties owed because there have been overdue payments since then. The proceeds from such an event go towards paying off what was due before the mortgaged property went into default, leaving little or no money left over after fees and other expenses like taxes (which may also be unpaid). You might think this isn’t too big a deal; however, these lost assets could end up being significant during retirement years as compared to how things currently stand.

Stress

When faced with foreclosure, you undergo a change in life that can be difficult to comprehend. If your home is the only thing holding it all together – what will happen when there’s no more sense of security? You’ll have to face court and lose everything… The looming nightmare becomes real for those involved as they are strictly business. It quickly turns into one of the most brutal situations imaginable where stress from not knowing how or when eviction could occur weighs heavily on everyone around them who care about their well-being.”

Standard of Living

With your foreclosure history following you for years, concerns about the standard of life are valid. Because of it, life has become even more costly. There’s a downside to those who have had foreclosures in their past that many others don’t experience – limitations on opportunities such as housing and higher-paying jobs come up when they apply or try to find them with red flags from credit histories searches popping out everywhere like weeds after rainstorms if one is not careful; but there are also positives: new ways at looking at things can be found through reevaluating perspectives creatively so that all aspects remain balanced while maintaining an open heart too!

Philly Home Investor understands all of the ways that foreclosure of your Philadelphia house will impact you. If you are facing foreclosure, don’t wait until it’s too late. If you are in foreclosure now, let Philly Home Investor solve your problems. Ask any questions you like, with no obligation because Philly Home Investor is here to help you. Give Philly Home Investor a call right now at (215) 322-1648 or send us a message!

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